ADA to $6? Cardano Gains Momentum with Massive Whale Accumulation
CardanosKey Takeaways:
- Cardanos market cap has tripled in just 17 days, nearing $1.00 for the first time since April 2022.
- Whale activity has surged, with daily transactions exceeding $22 billion.
- A bullish technical pattern suggests a potential price target of $6.
Cardano (ADA) has become the focal point of cryptocurrency markets after an explosive rally over the past three weeks. The networks market capitalization has tripled during this period, pushing ADAs price closer to $1.00, a milestone it hasnt seen since April 2022.
Today, ADAs most significant trader-realised profits in eight months were made. Renewed enthusiasm underlines a significant change in market sentiment driven by large-scale accumulation from whales and institutional players.
According to on-chain data, ADA has even seen daily large transactions exceed $22 billion, reflecting really heavy buying pressure. Whales holding between $1 million and $10 million worth of ADA have already doubled in just a month, adding more credibility to the fact that the bigger players are preparing for further upward momentum.
Cardano Whale Accumulation Signals Strong Bullish Pressure
The whale activity surge indicates a higher confidence level in Cardanos future performance. Indeed, data shows an amazing uptick in accumulation levels, with whales continuing to buy ADA at a rather aggressive clip.
According to the blockchain analysis, the significant support zone is around $0.80, where approximately 48,000 addresses acquired close to 1.2 billion ADA tokens. It is viewed as an important backbone level for any continued bullish narrative.
The technical setup of Cardano mimics the historical patterns seen during past bull cycles. If this trend continues, ADA might rise toward the $6 level, analysts say. That would be a considerable increase from its value today and thus validate the optimism about the networks development and adoption potential.
Social Sentiment Adds Fuel to the Rally
Beyond the technical and on-chain metrics, Cardanos social sentiment is at its highest level in close to a year. By placing Cardano as one of todays top performers within the crypto market, strong fundamentals come right in line with whale activity and social momentum.
With the cryptocurrency continuing to gain steam, the coming weeks will prove if ADAs momentum translates into a continued bull run. As for the moment, the closely watched support level is at $0.80, though market watchers are also looking out for a potential break upwards through the psychological $1.00 barrier that may trigger even more interest in the network.
Related Reading | Chainlink (LINK) Breaks Key Levels, Bullish Sentiment Grows Amid Whale Activity
Read more: https://www.tronweekly.com/ada-to-6-cardano-gains-momentum/
Text source: TronWeekly
